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13.10.2019

AAKASHAYA PATRA SEVEN STAR SMART EDUCATION SERIES PART 29 :

Three White Soldiers/ Three black Soldiers

Three white soldiers is a bullish candlestick pattern that predicts the reversal of a downtrend. The pattern consists of three consecutive long-bodied candlesticks that open within the previous candle's real body and a close that exceeds the previous candle's high. These candlesticks should not have very long shadows and ideally open within the real body  of the preceding candle in the pattern.(vise-varsa for three black soldiers)
The three white soldiers candlestick pattern suggests a strong change in market sentiment. Without any significant shadows , the market opens slightly lower, the bulls take over the rally all session and close near the high of the day. The pattern may appear during periods of consolidation or following a prolonged downtrend, but the latter represents the most attractive opportunity for traders to take long positions. In addition, the pattern may be preceded by other candlestick patterns suggestive of a reversal, such as a Doji.
When trading the three white soldiers pattern, it's important to note that the strong moves higher could create temporary overbought conditions. The RSI, for example, may have moved above 70.0 levels. In some cases, there is a short period of consolidation following the three soldier’s pattern, but the short- and intermediate-term bias remains bullish. The significant move higher could also reach key resistance levels where the stock could experience consolidation before continuing to move higher.

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